Ch03会计学原理怀尔德21版答案.docx

Chapter 3 Adjusting Accounts and Preparing Financial Statements?True/False Questions?1.?A company's fiscal year must correspond with the calendar year.?Answer: False?Blooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 03-C1Topic: Time Period Assumption2.?The time period assumption assumes that an organization's activities can be divided into specific time periods.?Answer: True?Blooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 03-C1Topic: Time Period Assumption?3.?Interim statements report a company's business activities for a one-year period.?Answer: FalseBlooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: ReportingDifficulty: 1 EasyLearning Objective: 03-C1Topic: Time Period Assumption?4.?A fiscal year refers to an organization's accounting period that spans twelve consecutive months or 52 weeks.?Answer: TrueBlooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 03-C1Topic: Time Period Assumption5.?Adjusting entries are made after the preparation of financial statements.?Answer: False Blooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: MeasurementDifficulty: 1 EasyLearning Objective: 03-C2Topic: Adjustments?6.?Adjusting entries result in a better matching of revenues and expenses for the period.?Answer: TrueBlooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: MeasurementDifficulty: 1 EasyLearning Objective: 03-C2Topic: Adjustments?7.?Two main accounting principles used in accrual accounting are matching and full closure.?Answer: False ?Blooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: MeasurementDifficulty: 1 EasyLearning Objective: 03-C2Topic: Accrual Accounting?8.?Adjusting entries are necessary so that asset, liability, revenue, and expense account balances are correctly recorded.?Answer: True?Blooms: UnderstandAACSB: Commu